General Atlantic buys minority stake in Oak Hill

MariettaCauchi

LONDON (MarketWatch) -- General Atlantic said Tuesday it has bought a minority stake in Oak Hill Advisors, a New York-based investment management firm specializing in credit and distressed investments.

General Atlantic was part of an investor group that bought the minority stake previously held by iStar Financial Inc.
SFI, -0.78%

Financial details of the transaction weren't disclosed.

"We have long known and admired Oak Hill Advisors for the strength of its management team and its long-term track record of attractive investment performance for its investors," said William E. Ford, chief executive of General Atlantic.

"We are very pleased to have the opportunity to contribute to further building the firm and to participate in its bright future," he added.

General Atlantic invested alongside another new investor, Robert M. Bass, founder of the Oak Hill investment funds, and senior management of Oak Hill Advisors which has thereby increased its majority stake in the business.

Based in Greenwich, Conn., General Atlantic invests between $50 million and $500 million for minority or majority stakes in private and public companies worldwide. On average, the firm invests in between eight and 12 companies per year and more usually invests growth capital in return for a minority stake.

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